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Ni Houses At Or Below Rateable Value


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Bargain!!!

... unless you know the area ;) I have a relative that does alot of business in that area of Magherafelt. His work is linked to social services.

areas not great at all, but is most of magherafelt not ex-council housing?

its still a whopping 40% below RV. a buy to let mortgage would bring in a profit of about £150-£200 a month id guess.

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The first property was very attractive to me as well. However, the price was bid up to more than 285k in one week.

I think this is just a way the seller tried to get more people in the bidding war.

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I viewed that house as well. I think it was a clever sales strategy - price it attractively and let the bidding commence. Much more sensible than pricing too high and attracting only low offers.

What did it sell for? I saw it listed as latest offer = 283k on property news.

There are tonnes of houses identical to that one in Stranmillis. Bide your time.

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Stranmillis @ less than RV:

http://www.propertynews.com/brochure.php?r=1&c=30&s=86746631&i=3&p=GOCGOC1564&fp=1&sort=h2l

£295K

RV £310K

http://lpsni.gov.uk/vListDCV/propertydetails.asp?type=search&display=795959&di=07&dn=Belfast+City+Council&wi=0000000530&wn=Stranmillis&si=0000004992&sn=Chlorine+Gardens

Quite keen on this house myself, but the missus doesn't like the idea of sacrificing a garden and having students pissing on our doorstep!

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Stranmillis @ less than RV:

http://www.propertynews.com/brochure.php?r=1&c=30&s=86746631&i=3&p=GOCGOC1564&fp=1&sort=h2l

£295K

RV £310K

http://lpsni.gov.uk/vListDCV/propertydetails.asp?type=search&display=795959&di=07&dn=Belfast+City+Council&wi=0000000530&wn=Stranmillis&si=0000004992&sn=Chlorine+Gardens

Quite keen on this house myself, but the missus doesn't like the idea of sacrificing a garden and having students pissing on our doorstep!

This is my problem with RV. I don't think this house in Chlorine Gardens would be worth anywhere near this amount of money. Most of the house in this area must be rented to students for I'd say around 1k a month. The mortgage for this would be nearer 2k. This doesn't look like value to me.

I've lived in this area during uni and later in life. I've never worked out the appeal of buying there. Still plenty of 2 bed apartments a few hundred meters away for lots more. Mortgage

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We're almost sale agreed on a house for 280k (marketed at 340k, rateable value is 220k). It is a 4 bed 4 reception house - immaculate condition with nothing to be done to it. Are we mad to pay more than rateable value or should we wait a while?

If its one of those new build 4 bed 4 reception bungalows with attached sun rooms I see dotted around the countryside everywhere near Ballymena and Antrim then I’d say paying anywhere near RV is utter madness.

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If its one of those new build 4 bed 4 reception bungalows with attached sun rooms I see dotted around the countryside everywhere near Ballymena and Antrim then I’d say paying anywhere near RV is utter madness.

Did you not say in your previous post you had a problem with RV. I like the "dotted around the countryside" comment, as opposed to what? A row of houses in the suburbs or town centre? each to their own.

RV's are so inconsistent I have no idea why the valuation system isn't being questioned. Why are the neighbours of houses below RV not asking for a rebate based on the value in the examples. When I get my rates bill in April I'm going to challenge the valuation.

For example, a property i built (one of those bungalows with a sunroom) which cost £206k to build (includes site) has an RV of £265k. A similar property I finished recently had a build cost of £272k (includes site) due to a higher spec but has an RV of £255k. If you put the 2 properties on the market at RV the former property would look very expensive.

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Did you not say in your previous post you had a problem with RV

I did. What part of the previous post did I contradict this and suggest I no longer had a problem with RV.

I like the "dotted around the countryside" comment, as opposed to what? A row of houses in the suburbs or town centre? each to their own.

They all look the same. How about a house that looks different from the one a mile up the road, or the one a mile past that, or the one a mile .....

For example, a property i built (one of those bungalows with a sunroom) which cost £206k to build (includes site) has an RV of £265k. A similar property I finished recently had a build cost of £272k (includes site) due to a higher spec but has an RV of £255k. If you put the 2 properties on the market at RV the former property would look very expensive.

I don't even know how import build cost are (on their own) when it comes to resale.

Obviously costs depend on the size of the development, economies of scale, bargaining power of the suppliers, when was the land purchased, size of the developer and many other factors. A house I've decide to build on my own plot may cost many thousands more for me to build than an established contractor. The market value will not be necessarily higher.

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This is my problem with RV. I don't think this house in Chlorine Gardens would be worth anywhere near this amount of money. Most of the house in this area must be rented to students for I'd say around 1k a month. The mortgage for this would be nearer 2k. This doesn't look like value to me.

I remember those houses being built and I think the asking price at the time was 250k. I remember being shocked by the amount because it was the turn of the millenium and 250k was a serious amount of money for a house back then (we were house hunting at the time which is why I recall the price).

Edited by polythene pam
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  • 2 weeks later...

10 March 2010

* Price changed: from '£ 285,000' to '£ 260,000'

20 September 2009

* Price changed: from '£ 360,000' to '£ 285,000' [Found by n/a]

16 June 2009

* Price changed: from '£ 435,000' to '£ 360,000' [Found by n/a]

23 April 2008

* Price changed: from '[�435,000]' to '£435,000' [Found by n/a]

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10 March 2010

* Price changed: from '£ 285,000' to '£ 260,000'

20 September 2009

* Price changed: from '£ 360,000' to '£ 285,000' [Found by n/a]

16 June 2009

* Price changed: from '£ 435,000' to '£ 360,000' [Found by n/a]

23 April 2008

* Price changed: from '[�435,000]' to '£435,000' [Found by n/a]

Preaume you are talking about my post, were did you get all that info? and what does N/A mean?

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correct and yes its for the house ride on posted.

everyone should have www.property-bee.com

Must admit I didn't realise this was crowd sourced, I thought it just tracked data privately for ones you had viewed. Have installed now.

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10 March 2010

* Price changed: from '£ 285,000' to '£ 260,000'

20 September 2009

* Price changed: from '£ 360,000' to '£ 285,000' [Found by n/a]

16 June 2009

* Price changed: from '£ 435,000' to '£ 360,000' [Found by n/a]

23 April 2008

* Price changed: from '[�435,000]' to '£435,000' [Found by n/a]

Just looking at the details again using property Bee and interesting to see the agent has been swopping a space in and out of the price figure. This is clear evidence that agents are deliberately trying to fool the system and get greater visibility on PN emails. They have done this 9 times over >1 year, then given up and dropped the price. I wonder why they were motivated to do this, seems more than most EAs do to get a sale, or does this happen alot?

I have actually emailed PN before and complained that the 'new properties have come onto the market ' statement is not true alot of the time. I didn't get a response.

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I like the "dotted around the countryside" comment, as opposed to what? A row of houses in the suburbs or town centre? each to their own.

They all look the same. How about a house that looks different from the one a mile up the road, or the one a mile past that, or the one a mile .....

Ah, blame our planners for that. One must build in harmony with the existing housing. So white bungalows with ugly dormers all round.

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